Tenant Screeningand Selection

Did you know that less than 25% of felony convictions show up in the typical national criminal database? Be sure to ask your Seaside Paradise Rental agent for more detail on the extensive background search they perform.

Perform detailedmove in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.

Collect initial rent and security deposit or surety bond payment.

Rent collection

Receiving rent.

Hunting down late payments.

Posting 3-Day Notice.

Enforcing late fees.

"Putting a buffer between you and the tenant makes it much easier to ensure timely rent payments. Renters have a harder time making excuses and asking for special treatment when dealing with a company since they know we have no choice but to follow the law."

Evictions

Posting 3-Day notices in accordance with state law.

Filing relevant paperwork to initiate and complete an unlawful detainer action if necessary.

Coordinating with legal and law enforcement to remove tenant and tenants possessions from unit as permitted by law.

Legal

Refer owner to a qualified attorney if necessary.

Understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental properties.

Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form.

Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses.

Maintenance, Repairs, and Remodeling

Provide and oversee maintenance.

Establish a preventative maintenance policy to identify and deal with repair needs.

Provide a network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work that is up to code.

Maintain and monitor a 24 hour emergency repair hot-line.

Larger renovation or rehab projects.

Provide recommendations on how the project can maximize rental income.

Assist in preparing preliminary estimates.

Get multiple independent bids for the work.

Tenant Move-Out

Inspect unit and fill out a report on the property's condition when the client moves out.

Provide tenant with a copy as well as estimated damages and/or move out fees.

Return the balance of the security deposit to the tenant (if any).

Collect any outstanding balances from tenant.

Forward uncollectable balance to Collection Agency.

Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.

Clean unit and perform and needed repairs or upgrades.

Re-key the locks.

Put the property back on the market for rent.

THE BOTTOM LINE:

From a financial standpoint, is managing your property the best use of your time? Can you afford the risks of a bad tenant or failing to follow the law?

Ultimately, your decision to hire or not hire a management company should hinge on whether or not it makes sense financially. Individual investors will have to assess the opportunity cost of both options based on their unique circumstances.